Needham & Company Maintains a 'Hold' on Atmel (ATML); Cutting Estimates on N-T Risk
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Price: $8.14 --0%
Rating Summary:
9 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
9 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Hold' on Atmel (NASDAQ: ATML).
Analyst, Rajvindra S. Gill, said, "We are lowering our 2Q estimates on ATML to reflect ongoing excess inventory of micro-controllers in the industrial end vertical, slower snapback in 32-bit ARM MCUs and continuing clearing of inventory of non-Apple tablets. We are leaving our Q1 estimates unchanged at $351.0MM/$0.09, which implies a -8.5% YoY drop. We believe this is in line with the company’s original guidance given current inventory levels. We are lowering 2Q estimates to $365.0MM/$0.10 as we feel inventory corrections will continue until 2Q12. Having said that, we believe ATML is well-positioned for a Windows 8 build for tablets and Ultrabooks, which should positively impact numbers in 3Q and 4Q."
FY12 EPS Estimate cut from $0.70 to $0.50, FY13 from $0.90 to $0.70.
For an analyst ratings summary and ratings history on Atmel click here. For more ratings news on Atmel click here.
Shares of Atmel closed at $8.88 yesterday.
Analyst, Rajvindra S. Gill, said, "We are lowering our 2Q estimates on ATML to reflect ongoing excess inventory of micro-controllers in the industrial end vertical, slower snapback in 32-bit ARM MCUs and continuing clearing of inventory of non-Apple tablets. We are leaving our Q1 estimates unchanged at $351.0MM/$0.09, which implies a -8.5% YoY drop. We believe this is in line with the company’s original guidance given current inventory levels. We are lowering 2Q estimates to $365.0MM/$0.10 as we feel inventory corrections will continue until 2Q12. Having said that, we believe ATML is well-positioned for a Windows 8 build for tablets and Ultrabooks, which should positively impact numbers in 3Q and 4Q."
FY12 EPS Estimate cut from $0.70 to $0.50, FY13 from $0.90 to $0.70.
For an analyst ratings summary and ratings history on Atmel click here. For more ratings news on Atmel click here.
Shares of Atmel closed at $8.88 yesterday.
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